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invite guest hosts to interview authors. nicholas and his book, keynes hayek, tackles economic theory explaning the market intervening. he discusses the perspectives and the man who made them famous , the economist, matthew bishop. ♪ >> host: so, nicholas, one of my favorite quotes is the one about how practical men are as economist, and you wrote a book about two, himself, mr. keynes and frederick hayek. why do they matter today? >> guest: turns out the greet dividing line in economics in whether you interfere or manage it, and people said don't do that because it will cause a mess to be cleared up eventually was 18 years ago when john keynes started working out theories that looked to the economy in a different way. instead as a series of business propositions that is what they traditionally did, he started looking at it by hovering above and looked at macroeconomics, the big pictures of different almosts, moving parts, and also end of the 20s when britain suffered unemployment, and at a time from 1929 with the subsequent collapse of the american economy, large scale unemployment
to interview authors. this week a journalist transit and his latest book "keynes hayek: the clash that defined modern economics," the author of ronald reagan and margaret thatcher tackles economic theory, exploring the virtues of the free market versus one in which the government intervenes. he discusses the competing perspectives and the men who made them famous with u.s. business editor of "the economist" magazine, matthew bishop. >> host: so, one of my favorite quotes from john maynard keynes is the one about how practical men often slate to some defunct economist, and you've written a book about two defunct economists. mr. keynes and friederich hayek. why do they matter today? >> guest: it turns out the great dividing line in terms of modern economics between whether you start entering in economy and trying to manage it and those of people say don't do that because it will only cause enormous mess and will have to clear up eventually, was 80 years ago when john maynard keynes was the most inventive because of his day, certainly the most influential economists of the 20th century, started w
keynes hayek a quash the defined modern economics. the author of ronald reagan and margaret thatcher tackles economic pherae exploring the virtues of the free market reverses one in which the government intervenes. he discusses the competing perspectives and the men who made them famous with u.s. business editor of the economist matthew bishop. >> host: soon nicholas, one of my favorite quotes from john maynard keynes is the one about how practical men often sleeves to some defunct economist and you've written a book about to. mr. keynes and frederick hayek. why do they matter today? >> guest: the dividing line in terms of modern economics of whether you start interfering in the economy and try to manage it and basically say don't do that because it will only cause an enormous mess and we have to clear it up eventually was 80 years ago when john maynard keynes, the economist of his day but certainly the most influential economist of the 20th century started working out ferias which look to the economy in a different way instead of as a series of business propositions which a lot of e
keynes is the one about how practical men often sleeves to some economists and you've written a book about the two himself mr. keynes and frederick hayek what do they matter today? >> it turns out the great dividing line in terms of modern economics between whether you start interfering in the economy and try to manage it and those people who said don't do that because they will cause an enormous mess and we have to clear it up eventually was 80 years ago when john maynard keynes was the most individualist of the economists day and certainly the most influential list of the 21st century started working out theories which looked to the economy in a different way instead of as a series of business propositions which traditionally the economists did. he started looking at as if he hovered about economics and what became known as the macroeconomics looking at the big picture about different elements and different moving parts and also because also he was talking at the end of the twenties when britain suffered a great deal of unemployment. the large scale unemployment was a great problem
maynard keynes is the one about how practical men have sleeves for some different economist and you've written a book about two defunct economists, himself, mr. keynes and frederick hayek. why do they matter today? >> guest: it turns out as a great dividing line of modern economics whether you start interfering in the economy and try to manage it and those people who said don't do that because it will only cause an enormous mess and we will have to clear it up eventually. years ago when john maynard keynes is the most influential economist of the 20th century started working out theories which look to the economy in a different way in stiff as a series of business propositions which economists did he started looking at as if he hovered about economics what became known as macroeconomics he looked at the big picture about different elements, different moving parts and also because he was talking at the end of the twenties when britain suffered unemployment and the time 1929 this of the current collapse of the economy large scale unemployment was a great problem. he was looking at it
surgery and wish that technical efficiency that keynes thought was passed by close. >> keep it so much worth in the individual and i suppose his admiration for the individuals, his own, starting off with himself, that he never liked anyone else to ever make any assumptions on his behalf. it may be his own life was unique. >> do you believe in progress? >> i don't know if you'd even be able to come to a conclusion about what progress would be. i think he would say, 1% positive is another persons negative. we've just got to sit and watch it. there's no point in tragic price progress. keynes wanted progress to happen in two weeks time, knowing full well it was going to happen in six months time by borrowing, but hayek wanted everything to go at the speed. interestingly in the book you describe hayek as a utopian of a kind. i mean, surely the essence of utopian is there is the belief in a better perfect world that one might live in. >> yeah, there are contradictions. i mean try one of the problems as it went on for a very long time. you will always find places in any individual sport where
to pressure putting in tim tebow. we speak to nbc's mike florio. and what would john maynard keynes do today? john cassidy will be here to discuss his latest article. but first let's check on the forecast. >> you brought the warm weather from alabama. you were down there on friday. it's been so warm and unusual. doesn't feel like october in many spots. in the 60s in boston and new york. no problem at the airports. georgia, south carolina, you're going do get the biggest batch of rain. although north florida is also getting it. tallahassee it'll roll your way shortly. if you're waking up down interstate 5, you're going to have a damp morning commute. there's the wet weather on the west coast. minneapolis down through iowa into kansas city and florida is a little damp. atlanta probably the worst weather had the country. 67 degrees, cool and rainy. if you want the best weather? right here. 84 and sunny in new york city. what's going on? where's the ice? it'll be there and skating soon enough. you're watching "morning joe" brewed bizarre bux. hey, did you ever finish last month's invoices? sadly
of their spending as stimulus. there were new dealers who were add adherents of maynard caips -- keynes who pressed for more. especially work relief and government construction was thought of as a way to keep the unemployed fed and housed and spending money to bide time while they tried everything and, incidentally, while the economy tried to cure -- [inaudible] all of this certainly did have a stimulative effect, even if they didn't think about it that way. what about the political context? i'd like to spend some time on this because i think roosevelt's approach has much to teach barack obama and maybe the rest of us. i already allude today a major distinction between the political environment of the new deal and of today's. in the '30s the partisan lineup in congress was very different from what you see today. both parties, democrats and republicans, had very strong progressive wings. n., one of the strongest progressives, let's say liberals, in the '30s was california's senior senator, hiram johnson, the very man who as governor had given us the initiative process. and johnson was a republican.
but to the rashly familiar with john maynard keynes. through the late thirties but they did understand that when they will lead withdraw from the economy the government had no choice but to step them. but he did not apologize for it and thought that was his role and the role of government but no hoover and roosevelt shared fundamental economic believes but always different was the negative from the constitution. >> we have time for two more questions. . . the commentary is that even though the idea wasn't very popular the opinion polls show a majority whip in favor of it when you did have a block in the senate that would determine to fight and you didn't have a countervailing passion. the naacp and the encounter that i talked about a few minutes ago went to the white house and said he will be able to defeat the filibuster if you make it an administration bill to. it was a procedural step and would have made it harder. it was something he didn't want to do. he didn't have a personal commitment to racial equality or civil rights. that role in the administration will end by the way before he joined
and create some jobs with that billion? why not cut some spending? stop looking to raise taxes because keynes said raising taxes during a time of fragile economy is a big mistake. >> thank you, my friend. as the protests mount the president is banking on wall street types to help bankroll the campaign. a third of the money raised this the election cycle reportedly coming from the financial sector. is there a conflict here? and now, my guest from the young america's foundation. this is going to be a big, big fundraising campaign. some say he could raise $1 billion with a third coming from the financial sector. should he be distancing himself from the wall street protesters? >>guest: well, he distances himself publicly as he usually does, he says something and does another. obama a couple months ago called the wall street bankers "fat cat," but calls them all to the white house and calls those who could not come to apologize and begged forgiveness and ignore what i am saying and the protesters if they had any idea they would look at the financial records and see who is supporting this president
it were a pro keynesian because they were not actually familiar with john maynard keynes. perry widely known in the u.s. they did understand that when private enterprise and the private sector was withdrawn from the economy that it was really the governments to the the government had naturalist but to step in, and that the present was very explicit about this. he did not apologize for it. he thought, in fact, that was his role. that was the role of government. that was the major flaw of the hoover urbanization. they shared some fundamental economic police, but where there really differed was in their willingness to use the powers that they could find in law and in the constitution to get things done. >> okay. the gentleman in the back. >> i'm just curious why you think fdr's continue saying no to the aspiration of african-americans and said yes to every reactionary seven chairman that the congressional committee to the point of casting the margin on washington >> well, i don't think there is much mystery. he recognized that the server unblock, particularly in the senate was an extremel
keyn staff have quit. today she would talk about the revival of american competitiveness. >>mark: we will be right back as the kron4 morning news continues now let us first check out the james lick freeway is open for business this morning. ]s >>justine: good morning more breaking news we are now getting reports that moammar gadhafi is dead. they say yes died of wounds to it as reported captured. this is coming from voiters which also reported that he was shot in the leg and captured and eventually died of the wounds. this comes as the government says they have see is moammar gadhafi hometown the u.s. state department has not confirm these reports. we're hearing new information coming into our newsroom the latest information is that moammar gadhafi is now dead. >>darya: we want to take a look at the weather and the traffic will warm up again and we'll get to that in a minute of first you want to see if there are any hot spots to steer clear of early this morning hello george. >> as we mentioned in our last report, we understand that all service has been suspended in and out of san f
worked. she writes "the spending was so dramatic that finally it functioned as keynes had hoped it would and unemployment had dropped from 22% to 14%." now granted, 13%-14% is still too high, but to say that when roosevelt came in with unemployment in the mid-high- twenties and due to can see in spending reduced it to the low- teens, earmarked as a failure, is just unfair. but she has made a career of repeating these canards and i think it needs to be pointed out to your audience. >> we will give both of our guests a chance to respond. >> i do not think we need to get too personal about this. whether you are a democrat or republican, we see both parties, the obama administration, and unemployment rate of 13% is an unexpected -- unacceptable now whether you are a keynesian or not. the spending had some effect, especially in 1936, so the caller is really excising a little bit of what i wrote and giving it an interpretation i did not intend nor was visible in the text. but anyway, the 1930's were a bad. -- bad period. we did not recover. we sort of appeared to recover during the war, but no
is the likely democratic your primary winner. because keynes was very lackluster and the house met and 11 approved she can work it has been totally controlled with one republican in the state legislature. come on. >>host: we got the point*. howard dean? >>guest: i don't know that much. i would be happy to take the other side of the best. >>host: fairfax virginia? >> caller: last year we spent 5.5 trillion for all government spending. if 20% of that is wasted it is $1 trillion. we also have 2.5 jillian ongpin direct cost for regulatory tax system and the excessive legal system cost. it is probably $1 trillion of waste there as well. 2 trillion of waste each year that is more than the accumulated wealth of the bottom 50 percent of the population. after a year and a half it is more that group within the top richest people in the whole country. >>host: what is your point*? >> caller: we are wasting more in government related cost in 1.5 years they and the accumulated wealth of the bottom 155 million people plus the top 400 richest people. >>host: any response? >>guest: the only response is pe
term that we hear is keynesian theory. what is your reports say about that? guest: john maynard keynes is famous for claiming that in a slump, government spending could help get the economy back on track. he used a chalkboard. . what our studies show is that when you go from the chalkboard to real life, it is quite a bit harder. partly that is for good reasons. our government does not try to waste money. the contract system is designed to build buildings that stand up and do not collapse, toilets that flush, electrical systems that work. that means the government practice hires the best contractor for the job, and the best contractor tries to find the best worker for the job. that is something that he did not plan on. ironically, the fact that our government is trying to do a good job means the stimulus pays off less than what a lot people would expect. host: miami, hello to enrique, on independent line. caller: as people listen to you, they should know that senator orrin hatch is one of the most far-right senators of the congress. i think people should keep that in mind when they list
if people are out of work, suffering, and raising taxes. even john maynard keynes made the issue about this. we raised a lot of money. we just spend more. host: michigan, cavan is on our republican line. caller: when i want to tell you that i appreciate your show. i think a problem that the republican party has had for a long time is that they are not able to clearly designed conservatism and why it works better in the political system than liberalism. we keep putting up moderates who have the tendency to adopt liberal ideas. clean energy is 1. college for illegal aliens is another. we put up these candidates who are trying to create a hybrid of ideas, and if it does not work out. i really think that the duty of ronald reagan was that he was able to clearly define what conservatism was and why it worked and why it was a better system. i believe if we can get a candidate to do that, we will win the next election. guest: conservatism is a tougher sell than liberalism. who does not want to accept free help? it is free nature. conservatism is an intellectual case and that is a much harder thing
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that finally it functioned as keynes had hoped it would and unemployment had dropped from 22% to 14%." now granted, 13%-14% is still too high, but to say that when roosevelt came in with unemployment in the mid-high- twenties and due to can see in spending reduced it to the low- teens, earmarked as a failure, is just unfair. but she has made a career of repeating these canards and i think it needs to be pointed out to your audience. >> we will give both of our guests a chance to respond. >> i do not think we need to get too personal about this. whether you are a democrat or republican, we see both parties, the obama administration, and unemployment rate of 13% is as unacceptable now whether you are a keynesian or not. the spending had some effect, especially in 1936, so the caller is really excising a little bit of what i wrote and giving it an interpretation i did not intend nor was visible in the text. but anyway, the 1930's were a bad period. we did not recover. we sort of appeared to recover during the war, but nobody calls for a recovery. >> my grandfather was a dirt- poor farmer at t
in between that affect us. the famous economist maynard keynes is famous for saying, "in the long run, we are all dead." we're interested in what the trends show and what might happen next, but we are living in here and now. it is the squiggles that lurch downward that are important to us now. we are well below trend on a lot of these indicators. host: this is exports of soybeans and corn. what did we know about this -- what should we know about this again? the price of the commodity. guest: these are two of our largest agricultural exports. what has happened here is increased demand, coupled with the global weather conditions, has driven up the price for both of these commodities. for example, with corn, it is used for producing ethanol, and along with poor weather conditions, if these to diminished supplies. the same thing with soybeans. you look at the growing nations, soybean-growing nations, such as the u.s., brazil, china, that top weather conditions -- that have had tough weather conditions, it has depleted supplies and troop up the price. host: anna marie, you are on the air now.
writes "the spending was so dramatic that finally it functioned as keynes had hoped it would and unemployment had dropped from 22% to 14%." now granted, 13%-14% is still too high, but to say that when roosevelt came in with unemployment in the mid-high- twenties and due to can see in spending reduced it to the low- teens, earmarked as a failure, is just unfair. but she has made a career of repeating these canards and i think it needs to be pointed out to your audience. >> we will give both of our guests a chance to respond. >> i do not think we need to get too personal about this. whether you are a democrat or republican, we see both parties, the obama administration, and unemployment rate of 13% is as unacceptable now whether you are a keynesian or not. the spending had some effect, especially in 1936, so the caller is really excising a little bit of what i wrote and giving it an interpretation i did not intend nor was visible in the text. but anyway, the 1930's were a bad period. we did not recover. we sort of appeared to recover during the war, but nobody calls for a recov
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Search Results 0 to 21 of about 22 (some duplicates have been removed)

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